TATA STEEL LIMITED

Makes crude steel and downstream steel products across India, the Netherlands, the UK and South East Asia, with consolidated FY26 revenue of Rs 2,32,139.94 crore. The Indian business is the largest contributor at 60.2% of segment revenue (Rs 1,39,720.22 crore) with a 23.6% segment EBIT margin, selling flat and long steel plus branded retail lines such as Tata Tiscon rebar and Tata Steelium to automotive, construction and infrastructure customers. Indian crude steel production grew 8% year-on-year to approximately 23 million tons in FY26, anchored by the Kalinganagar 5 MTPA expansion ramp-up. Netherlands operations contributed 26.4% at Rs 61,354.84 crore with only 4.4% EBIT margin and face going-concern uncertainty after a post-balance-sheet regulatory letter on the coke and gas plants; the UK contributed 10.1% at a loss and is transitioning to a 3 MTPA electric arc furnace. Consolidated EBITDA grew 35% to Rs 34,848 crore helped by cost transformation savings of Rs 10,868 crore across geographies. Materials are the biggest cost line at 32.1% of revenue, followed by other operating expenses at 33.7%, with coal and iron ore as key inputs for European operations.